Blood Gas and Electrolyte Analyzers Market size is set to surpass USD 2.2 billion by 2028, according to a new research report by Global Market Insights Inc.
Technological advancements in testing facilities across the medical sector and a surging number of chronic diseases worldwide are expected to drive the market growth during the forecast period. New product launches along with increasing government initiatives to enhance the overall healthcare facilities in developing economies will foster the market expansion.
Increasing prevalence of chronic diseases will fuel the market progression
The rising prevalence of chronic diseases such as cancer, cardiovascular diseases (CVD), diabetes, respiratory diseases, etc. in developed and developing countries will spur the blood and electrolyte analyzer market value during the forecast period. Also, growing awareness about routine checkups have popularized demand for blood gas tests. Blood gas analyzers helps in detecting imbalances in the oxygen, carbon dioxide, and pH levels of blood to indicate the presence of certain medical conditions such as blood vessel hemorrhage, drug overdose, respiratory disorders and kidney dysfunctions.
Growing demand in critical care departments will upsurge the industry expansion
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Benchtop analyzers was valued at USD 571.5 million in 2021. The growing demand for benchtop analyzers is attributed to its ability to perform variety of general tests or specialized to just run one or two analyses. Additionally, growing demand for analyzers in central laboratory analyzers, large hospital and critical care departments, such as ICU, CCU, ED, and OR have increased its demand. Various other factors such as R&D investments and advancements in technology also drives the segmental and market revenue for blood gas and electrolyte analyzers.
Browse key industry insights spread across 128 pages with 156 market data tables & 13 figures & charts from the report, “Blood Gas and Electrolyte Analyzers Market Size By Modality (Bench Top, Portable), By Product (Blood Gas Analyzers, Electrolyte Analyzers, Combined Analyzers, Consumables), By End-use (Central Laboratories, Point-of-care, Diagnostic Centers, Hospitals), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022– 2028” in detail along with the table of contents:
Increasing demand for combined analyzers to ramp up the market demand of the combined analyzers segment
The combined analyzers segment captured USD 333.1 million in 2021. Demand for combined analyzers have increased as these analyzers require less service and maintenance. Also, combined analyzers provide results for both electrolyte count and blood count in a sample of blood, serum, urine, dialysate, and plasma. These analyzers also examine creatinine, nitrogen, and electrolytes in a single test sample. Furthermore, combined analyzers are supported by its diverse portfolio of useful products and services.
Rising use of the point-of-care segment for patient care will increase the industry growth
The point-of-care segment is projected to witness 5% growth rate through 2028 led by the growing demand for rapid diagnosis. Additionally, it offers reduced therapeutic turnaround time, rapid data availability and offers patient-centric approach that helps in patient decision-making. Moreover, POC settings offer cost effective treatments, as it does not promote lengthy stays such as hospitals. Also, with availability of technologically advanced handheld blood gas and electrolyte analyzers, preference for point of care testing have increased, thereby promoting its industry demand.
Highly competitive market in European region will contribute to the industry progression
Europe blood gas and electrolyte analyzers market is estimated to attain a CAGR of 4.5% till 2028 impelled by the rising geriatric population base, surging cases of various chronic diseases such as cancer, obesity due to unhealthy lifestyles in adult population. Further, technological advancements, increasing healthcare expenditure and new product launches accelerate the regional growth.
Major leaders are focusing on strategies & launching innovative products to capture a higher market share
Some of the prominent players operating in the market include Abbot, Convergent Technologies GmbH & Co. KG, Edan Instruments, Inc., Erba Mannheim, F. Hoffmann-La Roche Ltd., Instrumentation Laboratory (Werfen), Medica Corporation, OPTI Medical, Radiometer, Siemens AG, Nova Biomedical, and Tecom Analytical system. These market participants are implementing various strategic collaborations, innovations, mergers, and acquisitions to sustain market competition and strengthen its value.